Trump's ‘tariff tantrums’: POTUS hints at relief, aides insist ‘no backing down’

Just a day after Donald Trump's tariff bombs hit China, India, other countries, and sent Asian stocks tumbling, the POTUS declared that the US was open to reducing the tariffs if other nations were able to offer something ‘phenomenal’.

US Commerce Secretary Howard Lutnick, however, told CNN that there isn't “any chance” that “President Donald Trump is gonna back off on tariffs.”

On Thursday, April 3, Donald Trump indicated that the White House was open to negotiations on tariffs despite the insistence of some top officials, reported Bloomberg. Trump had also mentioned that he spent the day speaking with parties requesting tariff relief.

What can countries do about tariffs?

Lutnick clearly declared that there was no way Trump would back off on the tariffs. When asked if there was any room for negotiation, the US Commerce Secretary reiterated his previous statement, and added:

“But countries can fix their tariffs, their non-tariff trade barriers which are much much rougher.”

Trump hints at negotiations

Reportedly, Trump had reiterated that he would ‘particulary’ be willing to offer tariff relief for China if Beijing approved the sale of the US operations of ByteDance Ltd.’s TikTok social video app.

TikTok is currently facing a April 5, Saturday deadline for divestment, unless Trump offers an extension as part of his efforts to broker a deal.

Donald Trump also added that he held talks with automotive industry executives on Thursday, as well as with Israeli Prime Minister Benjamin Netanyahu, who he indicated might visit the US next week, reported Bloomberg.

Donald Trump's tariff tantrums

On Wednesday, April 2, Donald Trump unveiled broad reciprocal tariff targeting the trade partners of US.

Dubbed ‘Liberation Day’ announcements, the measures did not include any country-specific exemptions.

Trump introduced new tariff rates for over 180 countries and also announced a standard 10 percent baseline tariff in addition to the country-specific rates.

What are the tariff rates for India

Donald Trump announced a 27 per cent reciprocal tariff on India—half the rate India imposes on US imports. He also announced a 25 per cent tariff on automobile imports to the country.

Following Trump's tariff blow, Asian stocks tumbled. India, however, showed resilience with only a 0.40 per cent decline in markets, while regional peers suffered bigger losses.